How to Monetize Your Data With Embedded Dashboards
Sr. Content Marketing Manager, Sigma
Many of today’s organizations are generating massive amounts of proprietary data through their platforms and devices. And while this data is already providing valuable business insights to decision-makers, revenue teams are seeking ways to increase its value even further. Through implementing a data monetization strategy, companies with proprietary data can turn their data—and the insights derived from it—into various products for existing customers and new markets.
Data becomes especially valuable with embedded dashboards, which allow organizations to create premium data products. Let’s look at exactly why data monetization is so beneficial, ways to monetize data with embedded dashboards, and what you need in a data platform to support your data monetization initiative.
What is Data Monetization and What Are Its Benefits?
Data monetization is an ideal way to drive growth since it maximizes the data assets you already have. Three benefits are especially useful for companies seeking to increase their data’s value.
Create new revenue streams
The most obvious benefit of data monetization is the ability to create new revenue streams. These revenue streams could take the form of a data marketplace, a source of insights, or even a new product that meets a need identified through analysis of your data.
Gain a competitive advantage
If you’re up against many competitors, you can differentiate with data monetization. For example, you can offer additional insights via your data that competitors don’t, or you can provide customers with the ability to explore the data more deeply on their own through live dashboards.
Through data monetization with embedded dashboards, partners, vendors, and even customers can benefit from collaborative data analytics. Embedded analytics brings more resources to bear on business questions, meaning data can inform a broader range of decisions.
How to Monetize Your Data and Provide Value to Customers
Today’s organizations are monetizing data in four primary ways. Let’s look at each in order of the value they provide to customers.
- Data marketplace. The demand for data has never been higher as companies of all sizes, across industries, seek to make data-driven decisions and identify risks and opportunities. Data related to public health, weather, location, demographics, and more can be an extremely valuable resource for many organizations. As a result, you can sell raw, aggregated, or anonymized data in a data-as-a-service format.
- Insights-in-context. You can provide additional value by offering insights based on analysis of specific data sets that apply to a particular need, such as audience insights or supply chain insights. These insights can be delivered in a variety of ways.
- Basic dashboards. Offering basic analytics dashboards allows customers to perform their own analysis and discover insights on an ad-hoc basis. A basic analytics dashboard connects with your proprietary data in the cloud in a governed and secure manner to maintain privacy and compliance.
- Embedded dashboards. Embedded dashboards provide the most value to customers. With embedded dashboards connected to your cloud data warehouse, users can dive into the data underlying the dashboard to explore follow-up questions and conduct “what if” analyses for deeper insights as they need them. Ideally, even non-technical users will be able to explore data in row-level detail using your embedded dashboards.
Data Monetization Case Studies
Let’s bring the hypothetical down to earth with a couple of data monetization examples. Here’s how two Sigma customers are monetizing their data using embedded analytics.
How Payload created a new revenue channel and increased customer retention
Payload is an easy-to-use cloud application for logistics and supply chain management, delivering simple, accountable logistics tracking and reporting. After spending years focused on perfecting application functionality, Payload realized it needed to shift its strategy to truly differentiate itself from the competition. Using Sigma’s Embedded Analytics functionality, Payload launched two new data products that provide its customers with actionable insight into load utilization, field ticket visualization of events, vehicle speeds and safety, carbon footprint, and more.Read the case study
How Metrikus achieved 10x faster product issue resolution and a 41% increase in website referral traffic
Metrikus’ mission is to make offices more productive, safe, and healthy places to work by gathering information from building systems and other sensors to help customers understand their properties. While the Metrikus platform offered robust, customizable dashboards, there were instances where customers requested reports that were outside the scale and scope of the product. Metrikus wanted to take the value their platform offered to the next level. Embedded analytics makes it possible for Metrikus to embed Sigma’s dynamic dashboards within internal applications to securely share specific visualizations with partners, customers, and the public.Read the case study
What to Look for in a Data Analytics Platform to Support Monetization Opportunities
Not every data analytics platform has the capabilities to support monetization, particularly embedded dashboards. Here are the key features to look for in a platform for data monetization.
- Scale and speed: All user actions should be sent to the cloud data warehouse for execution to take advantage of the cloud’s near-unlimited scale and speed. This ensures that queries are fast, even advanced queries involving hundreds of billions of rows of data.
- Dynamic, interactive dashboards: You will need real-time dashboards with controls, including filters and input parameters, that give viewers the ability to interact with and filter the data to arrive at insight quickly.
- Explore beyond the dashboard: You’ll want an “explore” option to enable viewers to click through a dashboard and use a spreadsheet-like interface to freely explore, analyze, and visualize the underlying data down to the lowest level of detail or a row.
- Customizable: You should be able to control and customize the look and feel of embedded dashboards with a wide range of pre-built themes and layouts, chart types, data tables, colors, fonts, and more.
- Flexibility for tiered offerings: You’ll want the ability to turn on and off different functionality based on your product offerings. For example, you should be able to supply either basic analytics or a premium package that gives customers the ability to explore, drill down, and even create advanced calculations against the data.
- Robust security and governance: It goes without saying that you need robust security and governance to monetize your data. Look for a platform that provides access permissions, object and row-level security options, and one-time signed URLs ensure viewers can see and act on only specific data values, subsets, and controls. Additionally, it should offer multiple authentication options through an external application (or not at all for public viewing).
Power Growth with Data Monetization
Data monetization offers an ideal way to expand the value of their data assets, especially when offered via embedded dashboards. You can develop new products, create new revenue streams, and establish a competitive advantage that will help retain existing customers and attract new ones. And with a platform like Sigma, data monetization is simple to build and deploy.